As the final trading session of the week unfolds this Friday, April 24, 2026, the U.S. equity markets are witnessing a significant divergence between old-economy stocks and the high-growth technology sector. In afternoon trading, investors are navigating a complex landscape defined by a massive surge in semiconductor shares and a flurry of quarterly earnings reports, even as the blue-chip Dow Jones Industrial Average struggles to find positive territory.
Major Indexes Show Mixed Results
The tech-heavy NASDAQ (^IXIC) is the clear standout today, surging by 360.68 points, or 1.48%, to reach 24,799.19. This bullish momentum is largely driven by a renewed appetite for artificial intelligence and hardware names. Following closely is the S&P 500 (^GSPC), which has gained 48.95 points, or 0.69%, to trade at 7,157.35.
In contrast, the Dow Jones Industrial Average (^DJI) has retreated, shedding 125.54 points, or 0.25%, to sit at 49,184.78. The underperformance in the Dow suggests a rotation out of defensive and industrial value plays into growth-oriented sectors. Meanwhile, the small-cap Russell 2000 (^RUT) is posting modest gains of 0.56%, currently at 2,790.71. Market volatility, as measured by the VIX (^VIX), has plummeted by 3.94% to 18.55, indicating a cooling of investor anxiety despite the mixed index performance.
Sector Performance: Semiconductors and Cannabis Lead the Way
The afternoon session has been dominated by a blistering rally in the Semiconductor sector. The Semiconductor ETF (SMH) is up a staggering 5.21%, supported by strong bullish volume and momentum. This strength has lifted the broader Technology sector (XLK) by 2.78%. Perhaps the most surprising move of the day comes from the Cannabis sector (MSOS), which has jumped 12.44%, though technical indicators suggest this may be a volatile reversal.
On the downside, the Energy sector is feeling the heat as Crude Oil Futures (CL=F) dropped 1.77% to $94.15 per barrel. Consequently, the Energy – Oil ETF (USO) is down 2.07%. Aerospace & Defense (ITA) and Natural Gas (UNG) are also underperforming, falling 1.75% and 1.85% respectively.
Corporate News and Premarket Movers
The individual stock story of the day belongs to MaxLinear, Inc. (MXL), which has seen its share price skyrocket by 54.0% to $59.48. The move comes amid high trading volume and positive sentiment surrounding the semiconductor space. Other notable gainers include Elong Power Holding Limited (ELPW), up 46.1%, and AEye, Inc. (LIDR), which has climbed 32.5%.
On the earnings front, several heavyweights reported results before the opening bell. The Procter & Gamble Company (PG) reported Q3 earnings with an estimated EPS of $1.57, while HCA Healthcare Inc. (HCA) posted results against a high estimate of $7.19 per share. SLB Limited (SLB) and Norfolk Southern Corporation (NSC) also updated investors on their quarterly performance, contributing to the mixed sentiment in the industrial and energy sectors.
Conversely, Auddia Inc. (AUUD) has seen a precipitous decline, falling 60.5%, while Skillz Inc. (SKLZ) dropped 30.9% following its latest updates.
Upcoming Market Events to Watch
As the market heads toward the weekend, investors are already bracing for a "Super Week" of earnings starting Monday. The focus will shift heavily toward Big Tech and consumer staples. On Monday, April 27th, Verizon Communications Inc. (VZ) and Domino's Pizza Inc (DPZ) are scheduled to report.
However, the real test for the current market rally will arrive mid-week. On Tuesday, Alphabet Inc. (GOOGL) and Microsoft Corporation (MSFT) will release their results after the close, followed by Apple Inc. (AAPL) on Thursday. These reports, combined with upcoming economic data on inflation and policy hints from the Federal Reserve, will likely determine if the Nasdaq can maintain its record-breaking trajectory or if the broader market will succumb to the gravitational pull currently affecting the Dow.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.